Indianpolis -- Simon Property Group and McArthurGlen Group announced an agreement to form a joint venture through which SPG will invest in McArthurGlen, the leader in upscale, European designer outlets.
Under the agreement, SPG will acquire an ownership interest in six properties and will also become a partner in McArthurGlen's property management and development company. Included assets are in Austria, Italy, the Netherlands, the United Kingdom and Canada.
"This venture supports and extends our international growth strategy, and we look forward to collaborating on ways to further enhance McArthurGlen's platform for retailers and customers," said David Simon, chairman and CEO, Simon Property Group.
McArthurGlen Group currently has 21 Designer Outlets in eight countries, and introduced the concept of designer outlet retailing to Europe in 1995.